Biohaven (BHVN), a global clinical-stage pharmaceutical company, released 10,227m common shares for public trading for $22 per share. The company gave underwriters a 30-day option to buy up to an additional 1,534,090 shares at this price, minus underwriting discounts and commissions.
Analysts pegged the gross proceeds of this public offering at about $225m. Should the customary closing conditions be met, the offering will close on 5th October 2023.
Biohaven indicated that the funds from this offering will go towards general corporate operations. The company appointed J.P. Morgan, TD Cowen, Leerink Partners, and Piper Sandler as lead book-running managers. At the same time, William Blair acts as book-runner for the offering and BTIG as lead manager.
This company went public in 2017, listing 9,900,000 common shares for $17 each. With its IPO, Biohaven raked in an estimated $193.5m aggregate gross proceeds. At yesterday’s close, trading was down -3.53%, with shares trading at $23.22 on the New York Stock Exchange.
In October 2022, Pfizer (PFE) acquired all the outstanding shares of Biohaven Pharmaceutical Holding Company Ltd. for approximately $11.6bn, making it a wholly-owned subsidiary of Pfizer. Biohaven Ltd. retained the company’s non-CGRP development stage pipeline compounds and continues to trade as an independent on the NYSE under the BHVN ticker.
Don’t miss out the latest news, subscribe to LeapRate’s newsletter
Biohaven remains committed to researching the latest medical solutions for common and rare diseases. On 14th September 2023, Biohaven stated its enrolment completion in RESILIENT, a phase-3 pivotal study of taldefgrobep alfa and its role in spinal muscular dystrophy.
